Synopsys Down 6.2% Since Last Earnings Report: Can It Rebound?
It has been about a month since the last earnings report for Synopsys (NASDAQ: SNPS). Shares have lost about 6.2% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Synopsys due for a breakout? Before we dive into how investors and analysts have reacted as of late, let’s take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Synopsys Q3 Earnings Beat Estimates, Revenues Rise Y/Y
Synopsys reported better-than-expected earnings for the third quarter of fiscal 2024. The company’s fiscal third-quarter non-GAAP earnings per share of $3.43 surpassed the Zacks Consensus Estimate of $3.28. The bottom line improved 27% year over year, primarily driven by higher revenues and better cost management.
Revenues jumped 13% year over year to $1.53 billion and came in line with the Zacks Consensus Estimate. The top line was driven by growth across multiple business segments.
Synopsys’ revenue growth was driven by ongoing investments from semiconductor and systems companies in its solutions to enhance its R&D capabilities.
Synopsys revealed that it has presented the Software Integrity business as a discontinued operation in its consolidated financial statements for all periods due …
Full story available on Benzinga.com
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